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Contents of audit working papers What are Audit Working Auditing 2 essay Audit working papers include those papers and documents, which consist of details about accounts, which are under audit.
They are the written, private materials, which an auditor prepares for each audit. They describe the accounting information, which he obtained from his client, the method of examination used, his conclusions and the financial statements.
Definition of Audit working papers The Institute of Chartered Accountants of India insists on the preparation and keeping of adequate working papers. Working papers provide basic evidence of audit conducted in accordance with standard audit practices.
They help the auditor in writing the report. The quality of audit work performed by the auditor can be judged by the character and contents of working papers prepared and maintained by the auditor.
From an analysis of above two definitions, it is clear that the working paper should specify How the work was planned and supervised? How the internal control system was reviewed and its reliability was assessed?
How the evidence was collected and what procedures were adopted to collect the evidence? Whether the testing performed provided sufficient competent evidential matter to enable to form a reasonable basis for an opinion or recommendation? Thus the working papers constitute a valid evidence of the work done in the current audit.
Importance of audit working papers Working papers are necessary in all audit assignments. The third Standard of Field Work pronounced by the AICPA requires that the auditor should accumulate sufficient competent evidential matter on the financial statements.
Apart from the basic objectives, the working papers serve the following objectives and provide several benefits. Objectives of audit working papers 1. The working papers serve the auditor both as useful audit tool as well as a permanent record of the audit work performed.
They constitute a reliable guidance for planning the future audit assignments. A review of the audit working papers gives an assurance that the audit work is both accurate and complete. The auditors arrange the data properly in the working papers.
Hence, the data become more meaningful and useful for the purpose of the,audit. Working papers are necessary to corroborate the work and the findings of all the audit staff.
The chief auditor is assured that the opinion is supported by the findings of their audit staff. The working papers constitute complete and conclusive evidence in future as to the entirety and completeness of the audit work.
Generally, audit working papers consist of the following details: Schedule of debtors and creditors.
Certificate of officials regarding certain important matters like bad debts, valuation of stock, unpaid expenses, accrued incomes, etc. Correspondence between the auditor and the debtors, creditors, etc.
Confirmation by the bank regarding the bank balances of the client. Important extracts from the minute books such as agreement with vendors, hire purchasers, selling agents, etc.
Detail of cash balance checked. Contingent liabilities certified by the management.
Details of clarifications made during the course of audit. Pertinent memoranda relating to the audit. Data relating to the review of internal control. Stock holder equity and the minutes.SOC 2 Guidelines for Auditing Success Take note of the following important SOC 2 guidelines for helping ensure that service organizations undertake a comprehensive, efficient, and cost-effective assessment process with the AICPA Service Organization Control (SOC) reporting framework.
Find Kca University Auditing 2 previous year question paper.
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|SOC 2 Guidelines for Auditing Success||The fixed assets comprise of: Freehold land and buildings Motor vehicles used by the directors and sales staff.|
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Each stage of an audit—planning, fieldwork, and wrap-up—provides an essential element of the engagement. Research the audit process using your textbook and .